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  #1661  
Old Posted Jun 5, 2020, 12:36 AM
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Well at least it's official now, and that cases in Illinois are going down maybe we can see construction start again in the near future
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  #1662  
Old Posted Jun 5, 2020, 12:38 AM
Donnie77 Donnie77 is offline
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could have sworn they stopped earlier then that but ok lets go with that!
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  #1663  
Old Posted Jun 5, 2020, 2:01 AM
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could have sworn they stopped earlier then that but ok lets go with that!
I think it was mid-April...

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Originally Posted by Bombardier View Post
I'm hearing the project has been put on hold by the client for 30 days (minimum).
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  #1664  
Old Posted Jun 5, 2020, 2:13 AM
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Hmmm...

Should I be skeptical? Probably not, this seems like a legit reason. But is this the ONLY reason? I mean don't get me wrong, I'm not trying to discount the project team looking out for the well being of workers, this is obviously very important. But the only major active construction project in Chicago that indefinitely shut down due to COVID?? One Chicago, BMO, 110 Wacker, 333 Wolf Point, etc, all didn't stop for COVID and I don't think any had major issues... I mean BMO even constructed their mat foundation in a similar condition that "had workers underground, working shoulder to shoulder, making it effectively impossible to maintain social distancing" and had no issues?

I mean, again, obviously, protecting workers from COVID is important, but it just seems like a convenient excuse for a project that is already rather troubled...?

Quote:
“we continue to advance all off-site activities (including) signing subcontracts, procuring and testing the curtain wall, processing our building permits and finalizing construction documents, which allow the project to generally stay on track. We will resume work when we feel the situation has stabilized.”
This quote from the article seems slightly re-assuring though...
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  #1665  
Old Posted Jun 5, 2020, 2:30 AM
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Yeah, this doesn't really pass the smirk test. I mean, what underground work did this project ever have, other than having one guy in a hole tying together caisson rebar?
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  #1666  
Old Posted Jun 5, 2020, 3:08 AM
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Originally Posted by nergie View Post
From a Crain’s Article posted this afternoon:



The developers of a Michigan Avenue condominium tower designed by architect Helmut Jahn have halted construction. They say they did it to prevent the spread of COVID-19 among construction workers.

Construction began on the 74-story tower, called 1000M for its address at 1000 S. Michigan Avenue, in late 2019. At some point in the past 10 weeks, it stopped, sources told Crain’s.
Did Crains give any mention of when 1000m might restart construction, or is it on hold indefinitely. Have anyone knowledge of a building of similar size being put on hold for COVID-19? Yet thankfully there is at least some news.
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  #1667  
Old Posted Jun 5, 2020, 3:17 AM
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I wonder if they had a materials vendor problem or something.
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  #1668  
Old Posted Jun 5, 2020, 3:36 AM
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This quote from the article seems slightly re-assuring though...
Yea they aren't pausing due to any project related reason, just Covid, which is good.
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  #1669  
Old Posted Jun 5, 2020, 3:54 AM
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Yea they aren't pausing due to any project related reason, just Covid, which is good.
That doesn't necessarily confirm that... I'd say if it doesn't start within the next ~30 days I'm gonna be rather suspicious about other possible reasons
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  #1670  
Old Posted Jun 5, 2020, 3:57 AM
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That doesn't necessarily confirm that... I'd say if it doesn't start within the next ~30 days I'm gonna be rather suspicious about other possible reasons
Yea we'll see...
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  #1671  
Old Posted Jun 5, 2020, 10:37 AM
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Originally Posted by SIGSEGV View Post
I wonder if they had a materials vendor problem or something.
Nobody has problems getting a tower crane, concrete, or rebar in Chicago right now. Covid is a convenient excuse to save face stopping the project. Name another project that completely stopped to avoid the spread of Covid.
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  #1672  
Old Posted Jun 5, 2020, 1:35 PM
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Full article from Ryan Ori - Chicago Tribune


Construction halted on Helmut Jahn-designed skyscraper on South Michigan Avenue. Developers say it’s because of COVID-19 safety concerns

Construction of a 74-story condo tower designed by Helmut Jahn has been halted, and the project’s developers say it was done to prevent the spread of COVID-19.

The 1000M skyscraper on South Michigan Avenue is the first prominent high-rise project to shut down during the coronavirus pandemic, which has dragged down the economy and led to widespread job losses in Chicago and throughout the country.

Construction is considered an essential industry by Gov. J.B. Pritzker, and other projects have continued despite stay-at-home orders that were issued in March.

Distancing, staggered work shifts, temperature checks and other measures have been implemented on job sites in an effort to protect workers from the coronavirus.

Industry observers have closely monitored the virus’ potential long-term impact on the more than decade-long development boom in Chicago, which leaves in question the fate of several megadevelopments in advanced planning stages.

The 1000M developers, Time Equities, JK Equities and Oak Capitals, on Thursday said construction work has been stopped since the first phase of foundation work was completed. It’s unclear when the work stopped, or when the $470 million project might resume.

“When the COVID-19 situation arose, we had workers underground, working shoulder to shoulder, making it effectively impossible to maintain proper social distancing,” the developers said in a statement. “We consulted with our experts and we all felt the safest route was to temporarily halt construction on site to ensure worker safety.”

Off-site work on the project continues, the statement said, such as “signing subcontracts, procuring and testing the curtain wall, processing our building permits and finalizing construction documents, among other items — which allow the project to generally stay on track.”

“We will resume work on site when we feel the situation has fully stabilized,” the developers’ statement said.

Crain’s Chicago Business first reported the work stoppage.

If completed, 1000M would be Jahn’s tallest building in Chicago. Units in the building range from micro-units to penthouses of nearly 5,500 square feet.

There are sale contracts for more than 100 of the skyscraper’s planned 421 units, according to the developers. Their statement did not provide an exact number of units under contract.

The project, named for its address in the 1000 block of South Michigan Avenue, had been delayed for years before the Tribune in October reported the developers getting set to break ground.

Later that month, the developers held a formal groundbreaking ceremony and began work the 832-foot-tall skyscraper. They said it would open within three years.

It was the largest condo project, in terms of units, to kick off construction since the last recession more than a decade ago.

Even before knowing of the pandemic to come, Time Equities chairman and CEO Francis Greenburger acknowledged the risk of launching a skyscraper late in a construction cycle.

“Building something like this is not something you wake up one day and do,” Greenburger told the Tribune in October. “It takes a long, long time, and you have to be prepared to go through different cycles. Who knows what’s going to happen with the economy? We all know it’s flashing red lights.

“But our business plan allows us to weather whatever the environment is, because we look at this as a long-term project.”
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  #1673  
Old Posted Jun 5, 2020, 2:54 PM
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Originally Posted by SteelMonkey View Post
Full article from Ryan Ori - Chicago Tribune


“We will resume work on site when we feel the situation has fully stabilized,” the developers’ statement said.


Even before knowing of the pandemic to come, Time Equities chairman and CEO Francis Greenburger acknowledged the risk of launching a skyscraper late in a construction cycle.

“Building something like this is not something you wake up one day and do,” Greenburger told the Tribune in October. “It takes a long, long time, and you have to be prepared to go through different cycles. Who knows what’s going to happen with the economy? We all know it’s flashing red lights.

“But our business plan allows us to weather whatever the environment is, because we look at this as a long-term project.”
This all sounds good to me.
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  #1674  
Old Posted Jun 5, 2020, 4:04 PM
bgsrand bgsrand is offline
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This all sounds good to me.
I disagree...what are they supposed to say here? "We struggled from the get-go during one of the longest periods of econimic expansion, had to revise our development strategy but now it looks like that all went to shit"

I know it seems like things are improving throughout the country but it is was too early to declare this project as viable in it's initial form. Every other large project is actively working towards completion but 1000M is sitting on the sidelines....however you want to spin it, not a good sign.
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  #1675  
Old Posted Jun 5, 2020, 8:40 PM
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I smell horse shit.
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  #1676  
Old Posted Jun 5, 2020, 8:52 PM
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Originally Posted by Bombardier View Post
Nobody has problems getting a tower crane, concrete, or rebar in Chicago right now. Covid is a convenient excuse to save face stopping the project. Name another project that completely stopped to avoid the spread of Covid.
Right, this project is as good as dead then.
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  #1677  
Old Posted Jun 5, 2020, 9:23 PM
bhawk66 bhawk66 is offline
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For a development that had been seemingly teetering (from an outside perspective, anyway) from moving forward or being scrapped, this is the smart play, imo. Covid might indeed be a convenient excuse, but it may also be a real one for this project, just not for the reasons they are saying to the media. Not because of the construction crew, obviously. But because they are more apt to see how it plays out with regards to economy and the fallout from the pandemic. It's a rental, right? 50 million Americans have filed for unemployment. They weren't too far in, so perfect opportunity to let it ride for a bit longer. Had they the backing as some of the others do it might be different. But they don't, as far as we know. They are risking putting in a +800' in a suspect part of the city for that kind of development. They didn't say it was dead, yet, but time may be on there side in this case.
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  #1678  
Old Posted Jun 5, 2020, 11:16 PM
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This story was picked up by NBC Chicago 5pm news today. They sounded so ignorant and you could tell they just were trying to inflame the hysteria of “covid” doom and gloom
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  #1679  
Old Posted Jun 6, 2020, 1:25 AM
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I think the bigger worry is that Covid and related measures have throttled the stream of foreign—particularly Chinese—money looking for US real estate to park it in. That was always a significant part of the marketing plan.

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It's a rental, right?
No.
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  #1680  
Old Posted Jun 11, 2020, 5:49 PM
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Ryan Ori - Chicago Tribune

The timing is curious because the developer behind the $34 million building at 1400 W. Monroe St., JK Equities, has halted work on a much larger Chicago project because of COVID-19 safety concerns.

JK Equities and its partners on the 1000M condo project, a 74-story skyscraper designed by Helmut Jahn, last week said they stopped work at the South Michigan Avenue site after completing the first phase of foundation work. On Wednesday, JK Equities co-founder and principal Jerry Karlik said work on 1000M could resume within a couple of weeks.

https://www.chicagotribune.com/colum...upa-story.html
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